A document prepared in advance of next week's G8 summit and "expected to be endorsed" by the heads of the G8 governments claims that "a rethinking of the framework of the global economic and financial system is critical," the Financial Times reports. The FT says the report recommends a "global standard" on "executive pay, corruption, banking, corporate governance, taxation and markets." This is risky stuff, as many of the issues seem to be matters better left to either shareholders and directors of individual companies or voters and elected representatives in individual countries, rather than unelected and unaccountable international bureaucrats of the sort the FT article suggests would take the lead in setting specific policies. Any "global standard" would have to include a bunch of unfree countries. The G20 that the FT says will also play a role in this process includes Saudi Arabia and China. Does America really want the same corruption and corporate governance standards as China and Saudi Arabia?
The Lecce Framework